Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Reaches New 1-Year High – Still a Buy?

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) shares reached a new 52-week high on Wednesday . The stock traded as high as $35.68 and last traded at $35.46, with a volume of 133986 shares traded. The stock had previously closed at $35.37.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SBCF shares. Weiss Ratings raised Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, June 30th. Piper Sandler increased their price objective on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Finally, Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $35.50.

Seacoast Banking Corporation of Florida Trading Up 0.6%

The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35. The company has a fifty day moving average price of $32.80 and a two-hundred day moving average price of $32.04. The firm has a market capitalization of $3.45 billion, a price-to-earnings ratio of 22.67 and a beta of 0.85.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%.The firm had revenue of $209.99 million during the quarter, compared to analysts’ expectations of $209.84 million. As a group, research analysts forecast that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.1%. Seacoast Banking Corporation of Florida’s dividend payout ratio is currently 48.41%.

Insider Transactions at Seacoast Banking Corporation of Florida

In related news, Director Dennis S. Hudson III sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $34.00, for a total transaction of $136,000.00. Following the completion of the sale, the director directly owned 216,854 shares in the company, valued at approximately $7,373,036. This trade represents a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.50% of the company’s stock.

Institutional Trading of Seacoast Banking Corporation of Florida

Several hedge funds have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of Seacoast Banking Corporation of Florida during the 4th quarter worth approximately $26,000. Salomon & Ludwin LLC lifted its holdings in Seacoast Banking Corporation of Florida by 59.3% in the fourth quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 356 shares during the last quarter. Measured Wealth Private Client Group LLC purchased a new position in Seacoast Banking Corporation of Florida in the third quarter worth approximately $33,000. Advisory Services Network LLC purchased a new position in Seacoast Banking Corporation of Florida in the third quarter worth approximately $45,000. Finally, Kestra Advisory Services LLC acquired a new stake in Seacoast Banking Corporation of Florida during the fourth quarter worth $50,000. Hedge funds and other institutional investors own 81.77% of the company’s stock.

About Seacoast Banking Corporation of Florida

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.